PROVIDENCE – The R.I. Senate Finance Committee will take up two competing proposals that call for increases on the state tax rate for the state’s highest earners, according to a press release.
The first bill, introduced by State Sen. Ryan D. Pearson, D-Cumberland, would set a 6.99% tax in personal income above $500,000. Existing state income tax brackets end at $125,000 with a 5.99% rate. The proposal calls for any revenue generated from the additional income tax above $500,000 in income to be placed into a restricted receipt account used for K-12 education expenses. A second bill sponsored by State Sen. William J. Conley Jr., D-East Providence, would raise the tax rate on top-earners, but with different caps. Instead, his proposal calls for an 8.99% tax in all personal income above $400,500, with no dedicated use for the revenue specified.
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The Finance Committee will hear both pieces of legislation at a virtual meeting at 5 p.m. on Wednesday which will be streamed online.
Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com.
